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Contractors - The Developer shall select, retain and supervise the Contraclor(s) <br />responsible for Improvement construction. The City reserves the right to require <br />satisfactoiy proof of successful experience and adequate financial status of any such <br />contractor, ^^l1crc required by City ordinance, the contractor shall first obtain a <br />license from the City. <br />Pre-Construction Conference - Prior to the start of any construction, the Developer <br />and the Developer ’s Contractor shall meet with the responsible City utlicial to rev iew <br />construction plans and schedules. <br />Permits - Prior to the start of any construction, the Developer's Contractor shall apply <br />for and receive all necessary permits from the City and/or government agencies <br />having jurisdiction. Required City permits relative to the Impn>venients include the <br />following: Site Grading Permit; Utility Construction Pemiit; Sewer and Water <br />Connection Permits. <br />Construction • The construction, installation and materials shall be in accordance with <br />the plans and specifications approved by the City. <br />Insurance • 'Hie Developer will cause each person who constructs and installs any <br />Improvement to maintain complete insurance coverage including Workmen's <br />Compensation. Liability and Property Damage. <br />Performance Deposit : For the purposes of assuring to the City that the Improvements will <br />be completed according to the terms of this agreement, and that the Developer w ill pay or <br />will cause to have paid all claims for work done and materials and supplies furnished, the <br />Developer or his designated General Contractor will deposit with the City prior to the City’s <br />issuance of site grading and building permits an irrevocable letter of credit in a form <br />satisfactory to the City providing that the City is able to draw upon such letter of credit in its <br />sole discretion to con plete the Improvements if the Developer fails to satisfactorily complete <br />the work prior to the completion date specified in Section 11 aK>ve. The amount of such <br />deposit is $461,408 per the schedule attached to this document os Exhibit H. The amount <br />of such deposit shall not be reduced before substantial completion of the Improvements. The <br />letter of credit shall expire no sooner than six months afler the completion date specified in <br />Sc*ction 11 above. <br />Page 7 of 17